Sofia emerged as the top European city for retirees (Image: Getty)
A new study has revealed the top five European destinations to retire and the savings you need to live comfortably there.
Picking the best location around where to “enjoy your later years” can be difficult when considering all the factors that can influence a decision.
Industry experts Moneypenny has drafted a new list of the top locations for Britons to retire based on average rent, number of green spaces, and the local cost of living index.
The study highlighted a variety of top hubs where British retirees can fully embrace their new lives away from the workspace.
Bulgaria‘s capital topped the list with a total score of 5.5 thanks to its cost-of-living index of 41.2.
Average rent comes up to £322.36 while utilities would set you back approximately £108.26 a month – meaning Brits would only need £126,301 in minimum retirement savings to set up their new life.
Sofia boasts incredible beauty and is one of the continent’s most pedestrian-friendly cities.
Noteworthy attractions include the Aleksander Nevski Cathedral, Sofia City Garden, the ancient Serdica complex, and Sveta Sofia Church.
Direct flights to Sofia are available from both London and Birmingham.
Average rent in Sofia is £322.36 plus an additional £108 for utilities (Image: Getty)
Following suit is Hungary‘s capital with an overall score of 5.1 and a cost-of-living index of 43.8
The average rent is approximately £385.27 with utilities averaging £120.90. The study estimates £175,420 would be needed to start in the city.
Among the city’s most sought-after attractions are sunset cruises, spa packages, and historical tours.
Budapest is also recognised as one of the best cities for fine dining and Michelin-starred restaurants.
THe Hungarian capital is renowned for its rich history and stunning Gothic architecture, and is home to the Szechenyi Baths.
Nestled within City Park, the Baths offer a haven of relaxation in thermal waters.
Budapest is renowned for its rich history and stunning Gothic architecture (Image: Getty)
Ranking number three is Zagreb in Croatia, with a cost of living index of 46.5 and a total score of 5.1.
Retirees looking to start their new lives in the northwestern city will need an estimated £238,852 to live comfortably.
Utilities cost an average of £153.93 per month while rent can reach £444.30.
This graceful city, once part of the vast Austro-Hungarian Empire for three centuries, offers an enticing mix of modern and classic, eccentric and esoteric.
The city is teeming with museums and galleries and is divided into three sections: the Upper Town perched on a hill overlooking the rest of the city, the Lower Town with its 19th-century influence, and the newer Novi Zagreb.
But perhaps most crucially, the Lower Town pulses as Zagreb’s vibrant core, boasting the highest density of watering holes, coffee shops, and eateries where a glass of wine can cost less than £2, harking back to the 1970s.
Zagreb was once a prominent part of the Austro-Hungarian Empire (Image: Getty)
With an average monthly rent of £304.50 and utilities of £123.35, Romania’s capital scored a total of 5 as a retirement destination.
Bucharest boasts a 41.5 cost of living index, meaning people would only need £152,707 in savings to set up a new home.
Dubbed “little Paris” thanks to its French-inspired architecture and vibrant culture, Bucharest boasts a delightful mix of historic charm and contemporary buzz, drawing sightseers to its iconic spots, bustling bars, cosy cafes, and enticing eateries.
Infamous for being the historical stomping ground of Vlad the Impaler, who inspired Bram Stoker’s legendary Dracula, Bucharest has countless tales to tell.
Attractions range from the charming Old Town to the serene Stavropoleos Monastery and the picturesque Lake Cismigiu each promising an unforgettable experience.
Bucharest has earned the nickname of Little Paris thanks to its stunning architecture (Image: Getty)
Brits planning to experience a glimpse of La Dolce Vita will need quite a bit more savings put aside if they want to spend their twilight years in the Italian capital.
Rome emerged as the most expensive of the top five retirement destinations in Europe, with an average rent of £565.14 and utility bills of £150.18.
With a cost of living index of 54.6 and an overall score of 4.9, retirees would need an estimated £315,497 to live comfortably in Italy.
As the neuralgic centre of Italy, Rome has plenty to offers to new residents, including strong links to the popular Florence and Amalfi Coast for stress-free weekend breaks.
While not the most prominent attraction of the ancient capital of the Roman Empire, Rome also boasts lovely beaches less than half an hour by train from its city centre.
Rome emerged as the most expensive capital in Europe for retirees (Image: Getty)
